Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Eli Lilly & Co., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The liquidity profile of the organization exhibits a cyclical pattern characterized by fluctuations in short-term solvency metrics, followed by a period of strengthening through 2024 and 2025. While liquidity dipped to its lowest levels in late 2023, a subsequent recovery is evident, indicating an improved capacity to cover short-term obligations as of the final reporting period.
- Current Ratio
- The current ratio demonstrates a recurring quarterly variance, typically peaking in the first quarter of each year. After maintaining a range between 1.05 and 1.30 through 2022 and early 2023, the ratio declined to a period low of 0.94 by December 31, 2023. A sustained upward trajectory followed, with the ratio reaching a peak of 1.58 in December 2025 and settling at 1.50 by March 31, 2026, suggesting an enhanced margin of safety for current liabilities.
- Quick Ratio
- The quick ratio remained consistently below 1.0 throughout the entire period, indicating that current assets excluding inventory are insufficient to cover all current liabilities immediately. A downward trend was observed through 2023, reaching a minimum of 0.52 in December of that year. A recovery occurred in the latter half of 2025, where the ratio climbed to a high of 0.78 in December 2025 before adjusting to 0.72 in March 2026.
- Cash Ratio
- The cash ratio indicates a lean approach to maintaining highly liquid assets, with values generally fluctuating between 0.09 and 0.22. A notable anomaly occurred in late 2025, where the ratio surged to 0.24 in September 2025, marking the highest cash position relative to liabilities in the analyzed timeframe. This was followed by a decline to 0.14 by March 31, 2026.
The consistent spread between the current ratio and the quick ratio suggests that a substantial portion of the organization's current assets is comprised of inventory. The overall trend indicates that while the organization operated with tighter liquidity constraints in 2023, it successfully transitioned to a more robust liquidity position by the end of 2025 and into early 2026.
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Current Ratio
Eli Lilly & Co., current ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 54,835) | 55,629) | 62,071) | 49,854) | 41,261) | 32,740) | 31,415) | 30,204) | 25,189) | 25,727) | 23,007) | 21,332) | 20,811) | 18,035) | 17,640) | 17,115) | 16,965) | ||||||
| Current liabilities | 36,634) | 35,228) | 40,141) | 39,020) | 30,068) | 28,377) | 24,674) | 27,121) | 18,598) | 27,293) | 21,998) | 18,915) | 16,010) | 17,138) | 15,653) | 15,621) | 13,386) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.50 | 1.58 | 1.55 | 1.28 | 1.37 | 1.15 | 1.27 | 1.11 | 1.35 | 0.94 | 1.05 | 1.13 | 1.30 | 1.05 | 1.13 | 1.10 | 1.27 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 0.80 | 0.67 | 0.72 | 0.74 | 0.76 | 0.66 | 0.65 | 0.81 | 0.94 | 0.87 | 0.96 | 0.89 | 0.96 | 0.96 | 0.93 | 0.84 | 0.82 | ||||||
| Amgen Inc. | 1.26 | 1.14 | 1.28 | 1.31 | 1.17 | 1.26 | 1.32 | 1.26 | 1.42 | 1.65 | 2.86 | 2.77 | 3.14 | 1.41 | 1.68 | 1.53 | 1.44 | ||||||
| Bristol-Myers Squibb Co. | 1.42 | 1.26 | 1.27 | 1.21 | 1.28 | 1.25 | 1.24 | 1.16 | 1.11 | 1.43 | 1.18 | 1.39 | 1.42 | 1.25 | 1.42 | 1.44 | 1.32 | ||||||
| Danaher Corp. | 1.87 | 1.87 | 1.52 | 1.62 | 1.43 | 1.40 | 1.37 | 1.43 | 1.85 | 1.68 | 2.26 | 2.08 | 1.89 | 1.89 | 1.78 | 1.75 | 1.68 | ||||||
| Gilead Sciences Inc. | 1.97 | 1.55 | 1.45 | 1.32 | 1.37 | 1.60 | 1.26 | 1.14 | 1.08 | 1.43 | 1.34 | 1.02 | 1.28 | 1.29 | 1.30 | 1.43 | 1.48 | ||||||
| Johnson & Johnson | 1.03 | 1.03 | 1.07 | 1.01 | 1.26 | 1.11 | 1.03 | 1.07 | 1.17 | 1.16 | 1.21 | 1.12 | 1.07 | 0.99 | 1.43 | 1.42 | 1.39 | ||||||
| Merck & Co. Inc. | 1.30 | 1.54 | 1.66 | 1.42 | 1.41 | 1.36 | 1.36 | 1.47 | 1.25 | 1.25 | 1.38 | 1.28 | 1.44 | 1.47 | 1.46 | 1.39 | 1.40 | ||||||
| Pfizer Inc. | 1.25 | 1.16 | 1.28 | 1.16 | 1.26 | 1.17 | 1.00 | 0.86 | 1.05 | 0.91 | 2.38 | 2.12 | 1.37 | 1.22 | 1.59 | 1.42 | 1.39 | ||||||
| Regeneron Pharmaceuticals Inc. | 3.57 | 4.13 | 4.06 | 4.60 | 4.93 | 4.73 | 5.28 | 5.44 | 5.27 | 5.69 | 5.18 | 5.45 | 5.45 | 5.06 | 5.36 | 5.12 | 4.76 | ||||||
| Thermo Fisher Scientific Inc. | 1.53 | 1.89 | 1.50 | 1.93 | 1.77 | 1.66 | 1.63 | 1.72 | 1.70 | 1.75 | 1.63 | 1.42 | 1.27 | 1.48 | 1.74 | 1.65 | 1.56 | ||||||
| Vertex Pharmaceuticals Inc. | 3.02 | 2.90 | 2.36 | 2.52 | 2.65 | 2.69 | 2.47 | 2.52 | 3.50 | 3.99 | 4.08 | 4.14 | 4.28 | 4.83 | 4.70 | 4.50 | 4.75 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 54,835 ÷ 36,634 = 1.50
2 Click competitor name to see calculations.
A comprehensive analysis of short-term liquidity reveals a significant expansion of the asset base and a general strengthening of the solvency position over the observed period. Current assets grew from US$ 16,965 million in March 2022 to US$ 54,835 million by March 2026, reflecting a substantial increase in liquid resources. While current liabilities also trended upward, the relationship between assets and obligations shifted from a period of tightening to one of increased stability.
- Current Asset and Liability Trajectories
- Asset growth exhibited a marked acceleration starting in March 2025, ascending from US$ 41,261 million to a peak of US$ 62,071 million in September 2025. Current liabilities followed an uneven upward path, peaking at US$ 40,141 million in September 2025 before moderating to US$ 36,634 million by March 2026. This divergent growth pattern in the latter stages of the period contributed to a more favorable liquidity cushion.
- Current Ratio Fluctuations
- The current ratio demonstrated notable volatility between March 2022 and December 2023, declining from 1.27 to a period low of 0.94. The dip below 1.00 in December 2023 indicates a temporary phase where short-term obligations exceeded available current assets. However, a recovery trend began in March 2024, with the ratio returning to 1.35 and continuing a general upward trajectory.
- Liquidity Stabilization and Peak Performance
- A period of peak liquidity was observed between September 2025 and December 2025, where the current ratio reached its highest levels of 1.55 and 1.58, respectively. By March 2026, the ratio settled at 1.50. This progression signifies a transition from a constrained liquidity position in late 2023 to a robust operational margin, ensuring a higher capacity to meet immediate financial commitments.
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Quick Ratio
Eli Lilly & Co., quick ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 5,282) | 7,268) | 9,792) | 3,376) | 3,093) | 3,268) | 3,369) | 3,224) | 2,460) | 2,819) | 2,381) | 2,695) | 3,546) | 2,067) | 2,617) | 2,623) | 2,459) | ||||||
| Accounts receivable | 18,429) | 17,760) | 16,107) | 14,170) | 12,037) | 11,006) | 10,295) | 11,028) | 7,886) | 9,091) | 8,167) | 7,516) | 7,526) | 6,896) | 6,715) | 6,365) | 6,323) | ||||||
| Other receivables | 2,748) | 2,395) | 3,350) | 3,035) | 1,967) | 2,270) | 1,757) | 2,051) | 2,128) | 2,246) | 2,197) | 1,655) | 1,496) | 1,663) | 1,610) | 1,308) | 1,483) | ||||||
| Total quick assets | 26,459) | 27,423) | 29,249) | 20,582) | 17,097) | 16,544) | 15,421) | 16,303) | 12,474) | 14,155) | 12,745) | 11,866) | 12,568) | 10,626) | 10,942) | 10,295) | 10,265) | ||||||
| Current liabilities | 36,634) | 35,228) | 40,141) | 39,020) | 30,068) | 28,377) | 24,674) | 27,121) | 18,598) | 27,293) | 21,998) | 18,915) | 16,010) | 17,138) | 15,653) | 15,621) | 13,386) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 0.72 | 0.78 | 0.73 | 0.53 | 0.57 | 0.58 | 0.62 | 0.60 | 0.67 | 0.52 | 0.58 | 0.63 | 0.79 | 0.62 | 0.70 | 0.66 | 0.77 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 0.52 | 0.41 | 0.47 | 0.48 | 0.48 | 0.42 | 0.43 | 0.59 | 0.72 | 0.63 | 0.71 | 0.63 | 0.66 | 0.69 | 0.69 | 0.57 | 0.52 | ||||||
| Amgen Inc. | 0.85 | 0.73 | 0.82 | 0.82 | 0.74 | 0.81 | 0.80 | 0.75 | 0.84 | 0.99 | 2.41 | 2.34 | 2.62 | 0.95 | 1.17 | 0.99 | 0.90 | ||||||
| Bristol-Myers Squibb Co. | 1.04 | 0.94 | 0.99 | 0.91 | 0.94 | 0.91 | 0.84 | 0.78 | 0.78 | 1.04 | 0.77 | 0.94 | 1.01 | 0.87 | 0.98 | 1.07 | 1.03 | ||||||
| Danaher Corp. | 1.28 | 1.25 | 0.84 | 0.96 | 0.83 | 0.83 | 0.84 | 0.85 | 1.34 | 1.18 | 1.76 | 1.52 | 1.34 | 1.30 | 1.19 | 1.13 | 1.08 | ||||||
| Gilead Sciences Inc. | 1.31 | 1.06 | 1.01 | 0.89 | 1.00 | 1.20 | 0.82 | 0.69 | 0.72 | 1.06 | 0.98 | 0.78 | 0.95 | 0.99 | 0.96 | 1.06 | 1.06 | ||||||
| Johnson & Johnson | 0.69 | 0.69 | 0.71 | 0.68 | 0.96 | 0.78 | 0.70 | 0.77 | 0.84 | 0.82 | 0.86 | 0.84 | 0.81 | 0.71 | 1.10 | 1.09 | 1.06 | ||||||
| Merck & Co. Inc. | 0.66 | 0.93 | 1.06 | 0.79 | 0.80 | 0.84 | 0.88 | 0.88 | 0.68 | 0.68 | 0.83 | 0.74 | 0.90 | 0.93 | 0.90 | 0.85 | 0.84 | ||||||
| Pfizer Inc. | 0.75 | 0.69 | 0.80 | 0.67 | 0.80 | 0.74 | 0.56 | 0.42 | 0.57 | 0.50 | 1.78 | 1.59 | 0.88 | 0.80 | 1.18 | 1.02 | 0.95 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.84 | 3.28 | 3.19 | 3.57 | 3.90 | 3.86 | 4.34 | 4.43 | 4.40 | 4.82 | 4.31 | 4.53 | 4.54 | 4.16 | 4.37 | 4.20 | 3.95 | ||||||
| Thermo Fisher Scientific Inc. | 0.97 | 1.36 | 0.95 | 1.29 | 1.20 | 1.14 | 1.13 | 1.24 | 1.19 | 1.27 | 1.13 | 0.89 | 0.80 | 1.06 | 1.06 | 0.98 | 0.97 | ||||||
| Vertex Pharmaceuticals Inc. | 2.38 | 2.24 | 1.84 | 2.00 | 2.12 | 2.17 | 2.08 | 2.10 | 3.15 | 3.60 | 3.74 | 3.82 | 3.95 | 4.46 | 4.28 | 4.14 | 4.37 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 26,459 ÷ 36,634 = 0.72
2 Click competitor name to see calculations.
The liquidity position characterized by the quick ratio demonstrates a period of volatility with a general trend of expansion in both liquid assets and short-term obligations. While total quick assets grew substantially over the analyzed period, current liabilities expanded at a rate that frequently suppressed the quick ratio, keeping it consistently below the 1.0 threshold.
- Total Quick Assets Trend
- A sustained upward trajectory is observed in total quick assets, rising from 10,265 million USD in March 2022 to 26,459 million USD by March 2026. A significant acceleration in asset accumulation occurred between June 2025 and September 2025, where assets peaked at 29,249 million USD, representing a nearly threefold increase from the baseline period.
- Current Liabilities Evolution
- Current liabilities exhibited a corresponding increase, growing from 13,386 million USD in March 2022 to 36,634 million USD in March 2026. The growth in liabilities was particularly aggressive between December 2023 and June 2025, with obligations rising from 27,293 million USD to 39,020 million USD, which placed temporary pressure on the company's immediate liquidity.
- Quick Ratio Analysis
- The quick ratio fluctuated between a high of 0.79 in March 2023 and a low of 0.52 in December 2023. Following this low point, the ratio remained largely stagnant between 0.52 and 0.67 throughout 2024 and early 2025. A notable recovery occurred in the latter half of 2025, with the ratio climbing to 0.78 by December 2025 before stabilizing at 0.72 in March 2026. The fact that the ratio remained below 1.0 throughout the entire period indicates that quick assets were consistently insufficient to cover current liabilities without the liquidation of inventory.
The divergence between the rapid growth of quick assets and the simultaneous surge in current liabilities suggests a strategic scaling of operations that has required significant short-term funding. The recovery of the quick ratio toward the end of 2025 indicates an improved alignment between liquid reserves and short-term obligations, although the overall liquidity profile remains reliant on non-quick current assets or continued cash flow generation.
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Cash Ratio
Eli Lilly & Co., cash ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 5,282) | 7,268) | 9,792) | 3,376) | 3,093) | 3,268) | 3,369) | 3,224) | 2,460) | 2,819) | 2,381) | 2,695) | 3,546) | 2,067) | 2,617) | 2,623) | 2,459) | ||||||
| Total cash assets | 5,282) | 7,268) | 9,792) | 3,376) | 3,093) | 3,268) | 3,369) | 3,224) | 2,460) | 2,819) | 2,381) | 2,695) | 3,546) | 2,067) | 2,617) | 2,623) | 2,459) | ||||||
| Current liabilities | 36,634) | 35,228) | 40,141) | 39,020) | 30,068) | 28,377) | 24,674) | 27,121) | 18,598) | 27,293) | 21,998) | 18,915) | 16,010) | 17,138) | 15,653) | 15,621) | 13,386) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.14 | 0.21 | 0.24 | 0.09 | 0.10 | 0.12 | 0.14 | 0.12 | 0.13 | 0.10 | 0.11 | 0.14 | 0.22 | 0.12 | 0.17 | 0.17 | 0.18 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 0.22 | 0.12 | 0.14 | 0.16 | 0.14 | 0.14 | 0.17 | 0.31 | 0.44 | 0.34 | 0.38 | 0.27 | 0.24 | 0.31 | 0.36 | 0.25 | 0.19 | ||||||
| Amgen Inc. | 0.48 | 0.36 | 0.43 | 0.39 | 0.38 | 0.52 | 0.44 | 0.43 | 0.49 | 0.60 | 2.05 | 2.00 | 2.22 | 0.59 | 0.80 | 0.57 | 0.51 | ||||||
| Bristol-Myers Squibb Co. | 0.55 | 0.46 | 0.59 | 0.49 | 0.49 | 0.46 | 0.36 | 0.29 | 0.37 | 0.55 | 0.33 | 0.43 | 0.49 | 0.42 | 0.48 | 0.63 | 0.66 | ||||||
| Danaher Corp. | 0.76 | 0.68 | 0.24 | 0.44 | 0.30 | 0.31 | 0.36 | 0.35 | 0.90 | 0.71 | 1.31 | 1.02 | 0.85 | 0.71 | 0.64 | 0.53 | 0.49 | ||||||
| Gilead Sciences Inc. | 0.81 | 0.65 | 0.60 | 0.47 | 0.64 | 0.83 | 0.43 | 0.26 | 0.36 | 0.64 | 0.57 | 0.48 | 0.56 | 0.57 | 0.54 | 0.61 | 0.62 | ||||||
| Johnson & Johnson | 0.38 | 0.37 | 0.36 | 0.35 | 0.68 | 0.49 | 0.39 | 0.47 | 0.54 | 0.50 | 0.53 | 0.53 | 0.54 | 0.42 | 0.75 | 0.73 | 0.70 | ||||||
| Merck & Co. Inc. | 0.21 | 0.51 | 0.64 | 0.33 | 0.37 | 0.48 | 0.49 | 0.44 | 0.22 | 0.28 | 0.38 | 0.27 | 0.45 | 0.54 | 0.49 | 0.44 | 0.40 | ||||||
| Pfizer Inc. | 0.38 | 0.37 | 0.41 | 0.35 | 0.48 | 0.48 | 0.23 | 0.16 | 0.29 | 0.27 | 1.42 | 1.29 | 0.55 | 0.54 | 0.82 | 0.70 | 0.61 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.71 | 1.97 | 1.91 | 2.04 | 2.34 | 2.28 | 2.68 | 2.80 | 2.94 | 3.17 | 2.75 | 2.88 | 2.89 | 2.46 | 2.44 | 2.49 | 2.34 | ||||||
| Thermo Fisher Scientific Inc. | 0.22 | 0.67 | 0.24 | 0.50 | 0.45 | 0.42 | 0.46 | 0.60 | 0.52 | 0.58 | 0.43 | 0.22 | 0.22 | 0.50 | 0.26 | 0.17 | 0.23 | ||||||
| Vertex Pharmaceuticals Inc. | 1.87 | 1.71 | 1.40 | 1.54 | 1.64 | 1.72 | 1.64 | 1.63 | 2.68 | 3.16 | 3.31 | 3.35 | 3.44 | 3.93 | 3.74 | 3.62 | 3.78 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,282 ÷ 36,634 = 0.14
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits a general downward trend in the cash ratio over the analyzed period, primarily driven by a substantial and consistent increase in current liabilities that has outpaced the growth of total cash assets.
- Current Liabilities Expansion
- Current liabilities demonstrated a strong upward trajectory, rising from 13,386 million USD in March 2022 to a peak of 40,141 million USD in September 2025. This significant increase in short-term obligations has exerted downward pressure on the liquidity ratios throughout the majority of the observation period.
- Cash Asset Volatility
- Total cash assets remained relatively stable, fluctuating between approximately 2,000 million USD and 3,500 million USD for most of the period. However, a significant anomaly occurred in September 2025, where cash assets surged to 9,792 million USD, before declining to 5,282 million USD by March 2026.
- Cash Ratio Dynamics
- The cash ratio started at 0.18 in March 2022 and entered a gradual decline, reaching a period low of 0.09 in June 2025. A sharp, temporary spike to 0.24 was recorded in September 2025, correlating with the peak in total cash assets. Following this peak, the ratio decreased again, ending at 0.14 in March 2026.
- Liquidity Interpretation
- The persistent gap between the growth of liabilities and the maintenance of cash reserves suggests a reliance on other current assets or external financing to meet short-term obligations. The temporary improvement in the cash ratio during late 2025 indicates a short-term liquidity injection that was not sustained into the first quarter of 2026.
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